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#2230069 - 01/31/20 08:55 PM Free Appraisal Tied to Deposit Account Opening
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 161
Out West
I don't spend much time in the deposit reg. world. Bank wants to offer a free appraisal for mortgage borrowers who open a deposit account at the bank and pay the mortgage payment via ACH from that account. Are there any deposit regs that would keep us from doing this promotion? Would it matter whether or not the deposit account was interest bearing?

Thanks!
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Deposits and Payments
#2230187 - 02/04/20 03:29 PM Re: Free Appraisal Tied to Deposit Account Opening Wonderofitall
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 161
Out West
Bump
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#2230233 - 02/04/20 07:30 PM Re: Free Appraisal Tied to Deposit Account Opening Wonderofitall
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,289
Cape Cod
I know of no deposit account rule that would prohibit it. Just understand that, if the customer gets the loan and the free appraisal but decides a couple months after the mortgage closing to terminate the auto payment or maybe close the account, you won't have any recourse against the customer. Suing to recover the cost of the appraisal is likely to cost more than it's worth.
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